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7h ago

ADB Backs ReNew With $331 Million for Andhra Pradesh Hybrid ‘Peak Power’ Project

ADB labels the deal its first ‘peak power’ renewable financing to support dependable clean energy in India.

The project follows a $2.5 billion investment announced by ReNew earlier this year to develop a 2.8 GW hybrid renewable energy complex in Andhra Pradesh.

Overview

  • The $331 million commitment is part of a $477 million package, with ADB to arrange the remaining $146 million through other lenders.
  • The project integrates 837 MWp of wind and solar with a 415 MWh battery to deliver 300 MW of peak, dependable power.
  • Expected annual output is about 1,641 GWh, with the hybrid-plus-storage design intended to strengthen grid reliability.
  • ADB’s debt comprises up to $291 million in local-currency financing from its ordinary capital resources and up to $40 million from the LEAP 2 fund.
  • Financing agreements were signed in the presence of ADB vice-president Bhargav Dasgupta and ReNew CEO Sumant Sinha, building on cooperation set out under a COP28 MoU.